Apple announced its fourth quarterly results, with good news for iPhone but bad news for Mac

Apple store
(Image credit: Apple)

Another chunk of the year is gone, and another financial report for the Apple accountants to pour over for hours on end only to release a short press release that tells the world how good the company is doing. They’ve found that this quarter there’s some very good news — but also some that is not so good.

iPhone, presumably thanks to the release of the iPhone 15 family of devices, has done very well, while Mac continues to slump. That could be why the new MacBooks and iMac have come out a little earlier than expected: To inject some new life into the line and encourage a resurgence in demand and purchasing.

Sometimes maybe good, sometimes maybe bad

Let’s get the boring numbers out of the way first — Apple, as a whole, has now posted a quarterly revenue of $89.5 billion, down 1% year over year. Quarterly earnings are better: Each share is up $1.46, also up 13% year on year. Taking the good with the bad, it would appear.

It’s when looking at the different product lines that things get a little more interesting. iPhone is up according to the statements, selling more than the year before. That’ll be thanks to the new iPhone models, which have rejuvenated the line with some new features like USB-C and the 3nm produced chips inside the Pro models.

Mac, on the other hand, has had a fairly precipitous drop from 2022. This could just be a factor in the continued financial issues that the world is facing, but it could also be that customers are uninspired by the current crop of laptops. Apple is definitely hoping that the new M3 models will refresh things.

Interestingly, Services has also seen a rise in revenue, with Apple’s software lineup doing much better than previously. This could be because of the new versions of key creative tools coming to iPad, such as Logic Pro. If nothing else, it has diversified Apple’s portfolio.

Apple’s earnings — iMore’s take

First off, if you’re a shareholder, your earnings have gone up this year. Good news for you, and good news for Apple fans at large. That means that most of Apple’s products continue to perform well in an adverse financial environment, and the company is still, somehow, growing.

As for Mac, this could be a blip, or it could be an encouragement for Apple to change some things up with the line to stimulate buying and growth. That, however, we won’t see for some time — as the money market is fast, development is slow. 

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Tammy Rogers
Senior Staff Writer

As iMore's Senior Staff writer, Tammy uses her background in audio and Masters in screenwriting to pen engaging product reviews and informative buying guides. The resident audiophile (or audio weirdo), she's got an eye for detail and a love of top-quality sound. Apple is her bread and butter, with attention on HomeKit and Apple iPhone and Mac hardware. You won't find her far away from a keyboard even outside of working at iMore – in her spare time, she spends her free time writing feature-length and TV screenplays. Also known to enjoy driving digital cars around virtual circuits, to varying degrees of success. Just don't ask her about AirPods Max - you probably won't like her answer.

  • Just_Me_D
    Is anyone surprised to learn the sale of Macs is down a bit? I’m not. With the economy the way it is, people are reluctant to purchase or upgrade a Mac or any computer, especially if the one they currently have is still sufficient for their computing needs. Customers are prioritizing and making decisions based on their circumstance.

    If I had not purchased and moved into a newly built home two weeks before Apple’s September Event, I probably would have purchased both the new iPhone 15 Pro or Pro Max and a new Watch, but instead, I opted to purchase the new Watch Ultra 2 to replace my beloved stainless steel Watch Series 5 that I bought 4 years ago since my iPhone is last year’s model (iPhone 14 Pro).
  • Annie_M
    I'm not surprised at all. The price tags are stiff. I can make do with my iPad at home. Now that may change when I retire, but I don't need anything fancy. I'll probably end up with a more affordable windows based laptop, which would suit me just fine... unless, of course, I win the lottery. :D
  • FFR
    $89.5 billion in revenue, $22.96 billion in net profit for the quarter, up 11% yoy.

    For comparison, Samsungs network, smartphone, tablet, wearables, television, pc, refrigerators, air conditioning, and home appliances division combined had an operating profit of about $2 billion. Down 60% yoy. Android isn’t doing very well in 2023.
  • naddy69
    Not to mention that the entire PC market has been dropping for the last 12 years, minus 2 years of growth when everyone suddenly had to work from home.

    The fact is, outside of businesses, the vast majority of people can get along just fine with a phone and an iPad. Windows PCs and Macs are no longer "must haves" for home use.
  • FFR
    That is true.

    Since consumers are using iPads as a pc replacement, Apple made 14 billion last quarter for iPad and Mac sales.

    Pretty sure that is more than Lenovo, hp, and dell made on their pcs and tablets. Apple is doomed
  • naddy69
    To me, the most interesting part of the PC sales growth during COVID is the fact that so many people suddenly NEEDED to by a PC for home use. That means everyone was getting along just fine WITHOUT a Windows PC at home.

    Now that these people have a Windows PC at home, are they still using it now that they are back to working in an office? I am thinking that some/many/most will end up on eBay. A flood of used PCs on the market will help to drive new PC sales even lower.

    With so many companies selling Windows PCs in a shrinking market, how soon before we start seeing some consolidation?

    Yes, Apple is doomed!